I know the first journal entry but don’t know the rest. The options it gives for

Question

I know the first journal entry but don’t know the rest. The options it gives for journal entry are:
Cash Dividend income Dividend receivables Equity income from schilling Equity income from tiberend Goodwill Investment in schilling Investment in tiberend Sales Inventory
omework 6 Saved Help Save & Exit Subm Problem 1-19 (LO 1-6) Tiberend, Inc., sold $162,000 in inventory to Schilling Company during 2017 for $216,000. Schilling resold $119,000 of this merchandise in 2017 with the remainder to be disposed of during 2018. Assuming that Tiberentd owns 24 percent of Schilling and applies the equity method, what journal entry is recorded at the end of 2017 to defer the intra-entity gross profit? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.)

Explanation / Answer

The journal entry would be:

Explanation:

This is the only entry. No other entry would be made.

Transaction General Journal Debit Credit 1 Equity income from Schilling $5,820 Investment in Schilling $5,820

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